MARKET WRAPS

Watch For:

EU industrial production; U.K.; GDP, industrial production, trade; trading updates from Allianz, Berkeley

Opening Call:

European stock futures traded higher early Friday while Asian stock benchmarks fell; the dollar strengthened slightly; Treasury yields edged lower; and oil and gold fell.

Equities:

European stock futures were trading higher as investors continue to monitor oil prices and assess the likelihood of a long and costly war in and around the Gulf region.

Analysts expect volatility to persist. "It remains the case, so long as the U.S. and Iran are at each other's throats, that equity markets will remain under pressure," IG's Chris Beauchamp said. "Traders continue to take each [oil price] bounce as an excuse to sell equities, and are buying oil on weakness," the chief market analyst said.

"Along with the duration of the current crisis, the price of commodities, related supply chain vulnerabilities, and any emerging cracks in expectations for solid global profit growth in 2026 will be key to watch, " said Citi analyst Beata Manthey.

Forex:

The U.S. dollar strengthened slightly early Friday. Risk sentiment appears to have deteriorated amid "bellicose language from the U.S. and Iran," NAB's Gavin Friend said. The senior markets strategist noted comments made overnight by both President Trump and Iran's new Supreme Leader Mojtaba Khamenei.

Remarks from Trump have added to pessimism that the Middle East conflict has further to run, the strategist added.

Bonds:

The U.S. Treasury yields edged lower. Rising oil prices have Wall Street worried that inflation will prevent the Federal Reserve from cutting interest rates this year.

Odds the federal funds rate is kept at the current target range of 3.5% to 3.75% through the end of the year rose to 46.1% on Thursday, according to the CME FedWatch Tool. That was up from 23.5% on Wednesday and 5.1% a month ago.

Energy:

Oil prices edged lower on a likely technical correction after Brent and WTI settled at their highest levels since August 2022 on Thursday. However, oil prices' decline will probably be limited by worries over supply disruption amid the Middle East conflict.

"With no end in sight to hostilities, shut-ins rising on a daily basis and the Strait [of Hormuz] now being mined, Brent is set to remain in a new higher" $95 per barrel to $110 per barrel range into next week, Westpac Strategy Group said.

Metals:

Gold fell as the Middle East conflict continues. Israeli officials now assess that Iran's ruling regime is unlikely to fall in the immediate future, as Tehran's battered rulers remain in control, the WSJ reported, citing people familiar with the matter.

"The geopolitical backdrop continues to provide some support for the gold market," XS.com's Antonio Di Giacomo said.

"Tensions in the Middle East, particularly the conflict between Iran and Western powers, continue to generate episodes of risk aversion in financial markets," the senior market analyst added.

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Iron ore gained. Prices are supported by near-term concerns about spot liquidity, according to Nanhua Futures analysts.

Valuations have been high in recent sessions while steel fundamentals remain lukewarm. Investors could consider taking profit at a high level, they noted.

TODAY'S TOP HEADLINES

Oil Markets Brace for Lasting Turmoil in the Gulf

Oil markets are waking up to a new reality: Disruption to the Gulf's prodigious energy supplies isn't ending anytime soon.

When the U.S. and Israel first attacked Iran, some traders initially expected days of disorder. Now they are expecting the turmoil to last weeks or even months. On Thursday, Brent crude shot back above $100 a barrel amid growing concerns about a protracted period of disruption to the oil markets. Futures settled at $100.46, up more than 9% for the day.

A toxic mix of private-credit panic and climbing bond yields is hammering financial stocks

A toxic brew of climbing bond yields and a broadening panic about the stability of private-credit lenders has helped push the S&P 500 financial-services sector to its lowest level since last May.

A steady drumbeat of ominous headlines about alternative lenders shielding their funds from surging redemption requests has heaped more pressure on shares of Blue Owl OWL, Blackstone BX, KKR KKR and other alternative asset managers. Shares of these lenders already had been struggling for the better part of a year, but more recently, shares of Morgan Stanley MS, JPMorgan Chase JPM, Goldman Sachs GS and other big banks also have come under pressure. The firms didn't immediately respond to requests for comment.

Emboldened by Oil Shock, Iran's Leaders Play Diplomatic Hardball

Arab diplomats trying to find a diplomatic path out of the war now being waged by the U.S. and Israel against Iran say Tehran, emboldened by its ability to rattle the global economy by choking oil shipments, has laid out steep preconditions for any return to talks.

Iran is demanding that the airstrikes stop before it entertains cease-fire discussions and wants firm guarantees that it won't be attacked again if it agrees to stop the fight, Arab diplomats said. It also wants reparations for damages and is hoping to get U.S. forces to disengage from the region.

How the Iran War Unraveled the Gulf's Image as a Luxurious Safe Haven

The president of the United Arab Emirates, Sheikh Mohamed bin Zayed, strolled through the sprawling Dubai Mall on March 2, reassuring shoppers they had nothing to fear.

Iranian missiles and drones had been falling on the glittering city for days, shutting down the airport, striking the iconic Burj Al Arab hotel and Dubai's deep-water port, and killing several people across the U.A.E.

China's ByteDance Gets Access to Top Nvidia AI Chips

SINGAPORE-TikTok's Chinese parent, ByteDance, is assembling computing power with high-end Nvidia chips outside China to fuel its ambition of becoming a global artificial-intelligence leader.

ByteDance is working with a Southeast Asian company called Aolani Cloud on plans to use some 500 Nvidia Blackwell computing systems in Malaysia totaling around 36,000 B200 chips, people familiar with the matter said.

Apple Cuts App Store Commission Fees in China

Apple is lowering the fees it collects from app developers in China following discussions with local regulators.

The commission rate for standard Apple in-app purchases and paid app transactions will be reduced to 25% from 30% starting March 15, the company said Thursday.

Write to singaporeeditors@dowjones.com

Expected Major Events for Friday

00:01/UK: Feb Scottish Retail Sales Monitor

06:00/FIN: Feb CPI

07:00/ROM: Jan Industrial production

07:00/ROM: Feb CPI

07:00/UK: Jan Index of production

07:00/UK: Jan Index of services

07:00/UK: Jan Monthly GDP estimates

07:00/GER: Feb WPI

07:00/SWE: Feb Labour Force Survey

07:00/UK: Jan UK trade

07:30/HUN: Jan Construction

07:45/FRA: Feb CPI

08:00/SPN: Feb CPI

08:00/SVK: Feb Core & net inflation development

08:00/SVK: Feb CPI

09:00/POL: Jan Merchandise trade

09:00/POL: Feb CPI

09:00/ITA: Jan Industrial Production

09:30/UK: Feb Bank of England/Ipsos Inflation Attitudes Survey

10:00/EU: Jan Industrial Production

12:30/UK: Feb NIESR Monthly GDP Tracker

16:59/GER: Jan Balance of Payments

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(END) Dow Jones Newswires

March 13, 2026 01:00 ET (05:00 GMT)

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